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Photo Credit: Denis Lezzi

Crowdfunded wine startup seeing big turnover

Naked Wines Australia, Australia’s only wine company backed by crowdfunding, has become the country’s fastest growing online wine retailer.

The company announced a turnover of $20 million today, quite the feat since the company launched in July 2012.

“It’s been a huge year for Naked Wines, not only have we just celebrated our second birthday and opened in Perth, but we’re now Australia’s fastest growing online wine retailer, and on track to beat all our sales targets for 2014,” says Luke Jecks, Managing Director of Naked Wines.

The company uses a unique pre-paid system, one that sees ‘Angel investors’ deposit $40 per month into a ‘Naked Wines piggy bank’. Customers can then spend the money on the wine of their choice at any time.

Over 26,000 consumers are now contributing an average of $1 million per month in supporting 24 independent wine makers across the country, an accomplishment that Jecks puts down to “hard work, talent, and a degree of luck.”

Naked Wines is now fully subscribed with ‘Angels’ and has almost 4,000 individuals on its online waiting list. The company offers customers discounted wine prices in return for their support.

“When people ask what the secret of our success is, it’s simple – the wine is delicious,” Jecks says. “But we’ve also been able to innovate. Our customers communicate directly with our winemakers online; they form relationships and share their wine drinking experiences.  When it comes to getting the product from grape to glass, our delivery service is generally faster, cheaper and more convenient than our competitors.”

To date, Naked Wines has invested $18M in independent Australian and NZ winemakers. The company has also invested in an app, which has facilitated over 200,000 ratings and conversations.

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Guillermo Troncoso

Guillermo Troncoso

Guillermo is the Editor of Dynamic Business and Manager of film &amp; television entertainment site ScreenRealm.com. Follow him on <a href="https://twitter.com/gtponders">Twitter</a>.

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